SEC Adopts E-Proxy Rule Amendments, Enabling Shareholder Choice Regarding Access to Proxy Materials
In a release issued on July 26, 2007 (the "Adopting Release"), the Securities and Exchange Commission (the "SEC") adopted amendments to the proxy rules under the Securities Exchange Act of 1934 (the "1934 Act") that provide shareholders with the ability to choose to access proxy materials either by mail or electronically. The SEC voted to adopt the amendments, initially proposed in a release issued on January 22, 2007 (the "Proposing Release"), at an open meeting on June 20, 2007 (the "Meeting"). The amendments would expand the use of the Internet as a method to view proxy materials and thus to ultimately lower the cost of proxy solicitation and improve communication with shareholders. The adopted amendments will be implemented for large accelerated filers in January 2008 and for all other filers in January 2009.